My First Deal and Biggest Lesson Learned... to date

[Zachary Smith]

As i’ve grown in the business, asking for help and sharing my mistakes has become a lot easier - I think I’m enjoying the journey more now, rather than just trying to get to the destination. Nevertheless, I wanted to share my biggest mistake yet. On my first deaI in my lack of understanding my numbers, and my pride in the way to ask for help, I failed to factor in my insurance AND taxes. It was a creative deal, where the seller was carrying the note for a number of years, some things in his name, some in mine and through the excitement of having a breathing being willing to help me get my first deal I just whiffed. Fast forward seven years, figuring out how to fly on the way down, and more lessons than I want to remember - and that property is almost paid free and clear with amazing tenants, who pay on time and understand my management boundaries and policies. The equity in the property will soon be used to continue growing the portfolio and getting myself into bigger messes to clean up.

What are some of your biggest lessons learned to date?